Tax | Penalties for late VAT returns change to points system

A change to penalties for VAT returns that are submitted late and VAT which is paid late came into effect from 1 January for VAT accounting periods starting on or after 1 January 2023

4 Jan 2023

Tax

VAT

Tax Compliance

Tax | 5.7m taxpayers still to file tax returns

HMRC is reminding 5.7 million taxpayers to file their self assessment returns before the 31 January deadline, or they will face automatic £100 penalties

4 Jan 2023

Tax

Personal Tax

Tax Compliance

Tax Planning

Tax | Filing deadlines: January - March 2023

The latest tax filing deadlines from self assessment tax returns for 2021-22 and digital VAT returns due for November quarter end

4 Jan 2023

Tax

Tax Compliance

Tax Planning

Tax | Agent dedicated line will handle SA enquiries

HMRC has confirmed that the agent dedicated telephone line will be available for self assessment tax return enquiries during the peak tax season

4 Jan 2023

Tax

Personal Tax

HMRC

Tax | VAT updates: January 2023

In his final column before retirement, VAT expert Graham Elliott analyses nominees and input tax in Ashtons Legal and suppression of sales rulings

3 Jan 2023

Tax

VAT

Case Reports

Tax | Capital gains tax bill breaks £15bn for first time

The capital gains tax (CGT) bill has broken the £15bn barrier up 27% year on year as more business owners sell their companies

3 Jan 2023

Tax

Business Tax

Personal Tax

Tax | 3,275 taxpayers filed returns on Christmas Day

Over three thousand people spent a few hours on Christmas Day completing their annual self assessment return

3 Jan 2023

Tax

Personal Tax

Tax Compliance

Tax | Call for tax on private jets to raise £1.4bn

Campaign for Better Transport is calling for a ‘super’ tax on private jets to help pay for improvements to public transport

3 Jan 2023

Tax

Personal Tax

Tax | Tax rises force buy to let owners to sell 116k properties

Changes to tax rules have led to the sale of 116,000 buy to let properties in the last year, as less favourable tax treatments contribute to rising rents

23 Dec 2022

Tax

Property Tax

Accountancy Firms

Tax | Tax traps of buying property for children

Helping children get on the property ladder can create a tax hangover so it is important to consider the tax implications, explains Adela Cebotari, associate director at RSM

23 Dec 2022

Tax

Property Tax

Tax Compliance

Tax Planning

Tax | Tax planning tips: self assessment returns

Freeagent CEO Roan Lavery provides some handy tips for preparing an annual self assessment tax return to avoid an automatic penalty if the submission is late

23 Dec 2022

Tax

Personal Tax

Tax Compliance

Tax Planning

Tax | Revised R&D tax relief guidance out for review

HMRC is calling for key stakeholders to comment on draft guidance issued ahead of the implementation of reforms to the research and development (R&D) tax reliefs on 1 April 2023

22 Dec 2022

Tax

Consultations

Tax | HMRC consults on transfer pricing master file rules

HMRC has issued a consultation on draft rules for the requirement for large multinationals to produce a master file on transfer pricing agreements

22 Dec 2022

Tax

Consultations

Tax | Tax take down £5.3bn on October

Tax receipts were down in November from £63.8bn to £58.5bn with inheritance tax continuing to rise by 16%

21 Dec 2022

Tax

HMRC

Tax | HMRC raises late payment interest from 6 January

HMRC will raise interest rates on tax debt from 6 January following the latest 0.5% increase in the Bank of England base rate

21 Dec 2022

Tax

HMRC

Tax Compliance